Bahamas and Zambia join Inclusive Framework on BEPS

The Bahamas and Zambia have joined the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), the OECD announced December 14.

The addition of the two nations brings to 110 the total number of countries and jurisdictions participating in the project, which is aimed at reducing multinational tax avoidance and improving cross-border tax dispute resolution. By joining the framework, Bahamas and Zambia have agreed to adopt minimum standards set out by OECD and G20 nations in 2015 BEPS project agreements, including adopting country-by-country reporting and measures to prevent tax treaty shopping.

Bahamas Deputy Prime Minister and Minister of Finance, The Hon. Kevin Peter Turnquest, also signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on behalf of the Bahamas. The Bahamas becomes the 116th jurisdiction to sign the document, designed to combat cross-border tax evasion.